Make some space in your cupboard and stack the records in them. You don't necessarily have to keep the cupboard in the living room, if you don't want to. Choose a room you like to listen to the music in, and find a space to shift the cupboard there.

Murphy beds or storage loft beds (with desk) are the best furniture pieces for small homes. These can be placed in the living room (to create extra sleeping space when required) or even in the bedroom. A built-in window seat is another storage idea for small bedrooms. This can be used as a seating place or can even be converted into a bed. If you are looking for shoe storage options, then using shoe bags that can be hung behind the bedroom door can be a good option. You can also consider using under bed storage or storage boxes for storing spare mattresses, pillows, shoes, etc.

In most of the cases, for the sake of decoration, we end up buying furniture that occupies more space and is completely useless in terms of storing capacity. Therefore, the golden rule while decorating homes (or redecorating homes) is to look for furniture that serves as furniture as well as a storage unit like multipurpose kitchen storage cabinets.